marion, to be clear are you saying p1, p2 and 1004mc should all be the same?
Market Conditions Addendum to the Appraisal Report
(Form 1004MC)
In Form 1004MC, in order to provide the most accurate depiction of the “Months of Housing
Supply” as of the effective date of the appraisal, the “Total # of Comparable Active Listings”
should be based on a specific point in time. For example, when completing the “Current – 3
Months” column for “Total # of Comparable Active Listings,” the number should reflect the
listings on the most recent date in the 3-month period (which is also the effective date of the
appraisal), and not the cumulative number of listings for the entire 3-month time period. Then,
when completing the “Months of Housing Supply,” the number for the “Total # of Comparable
Active Listings” is divided by the absorption rate, which provides an accurate depiction of the
existing housing stock as of the effective date of the appraisal. (Using a cumulative number of
listings during the “Current – 3 Month” time period may result in an artificially high number for
the “Months of Housing Supply.”)
If data is available for the previous time periods, such as “Prior 4 - 6 Months” and “Prior 7 - 12
Months,” the “Total # of Comparable Active Listings” should be based on the most recent day in
each of those time periods. For example, in the “Prior 4 – 6 Months” column, the “
Total # of
Comparable Active Listings” should reflect the listings on the last (most recent) day in that time
period. Likewise, in the “Prior 7 – 12 Months,” the “Total # of Comparable Active Listings” should
reflect the listings on the last (most recent) day in that time period.
https://www.fanniemae.com/content/announcement/sel1009.pdf
Top of page 2 is the same info as 1004mc, because it is the same 2 questions.
Here's Danny Wiley's printed booklet on the matter. (cheap plug to acknowledge Danny's writing).
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https://r.search.yahoo.com/_ylt=A9F...V1.0.pdf/RK=2/RS=ztfRk0BTQaTRXEV3mAYF_mvEOLk-
Now Page 1
Part B, Origination Through Closing
Subpart B4, Underwriting Property
Chapter B4-1, Appraisal Requirements
Section B4-1.3, Appraisal Report Assessment
Page 555 et seq of the selling Guide.
https://www.fanniemae.com/content/guide/sel050118.pdf
When completing the One-Unit Housing Trends portion of the Neighborhood section of the appraisal report forms, the trends
must be reflective of those properties deemed to be competitive to the property being appraised. If the neighborhood contains properties that are truly
competitive (that is, market participants make no distinction between the properties), then all the properties within the neighborhood would be reflected in the One-Unit Housing Trends section. However, when a segmented or bifurcated market is present, the One-Unit Housing Trends portion must reflect those properties from the same segment of the market as the property being appraised. This ensures that the analysis being performed is based on competitive properties. For example, if the neighborhood contains a mix of property types not considered competitive by market
participants, then a segmented or bifurcated market is present. Additionally, the conclusions reported in this portion of the appraisal will be supported by the analysis contained in the Market Conditions Addendum to the Appraisal Report(Form1004MC). The appraiser should also provide commentary on the other segment(s) of the neighborhood when segmentation is present.
But being it was the regulation in effect for 4 years now, and you are doing more volume of work than anyone else posting here, I'm wondering how come your reports aren't getting kicked back for corrections, if you did not know this?
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